Government supervision is needed to protect investors and crack down on unlicensed platforms, Lee said according to the report. The Hounax case follows a similar one involving crypto exchange JPEX, which led to the arrest of six people in September after more than a thousand complaints involving a total of $128 million were filed. The Securities and Futures Commission (SFC) said JPEX was also operating without a license, prompting Lee to call for stronger licensing laws at the time.
Source: https://www.coindesk.com/policy/2023/11/28/hong-kong-chief-says-regulators-may-get-powers-to-crack-down-on-unlicensed-crypto-exchanges-report/?utm_medium=referral&utm_source=rss&utm_campaign=headlines